one you're lazy harsh as this may sound it's one of the most common reasons why so many people
are broke most of us prefer using our credit card as opposed to carrying cash around however there
are some things that will just require you to use cash but the thought of walking a couple of blocks
to the nearest atm is just unbearable you come up with a bunch of excuses for not going out and each
time you use your plastic card you increase the amount of money you have to pay back at the end of
the month and it's all because you're lazy you're too lazy to cook so you order in instead you don't
like to do laundry so you send it to the cleaners the only solution to this is to stop being lazy
but it's not an easy thing to do otherwise everyone would be elon musk but one solution
is changing your mindset maybe the reasons you're sending your clothes to be laundered is because
you let them pile up but if you decide to throw them in the washing machine before they accumulate
it becomes much easier resting and being relaxed both physically and mentally is important but too
much of it won't do you any good you could be one of those people who spend hours binge watching
television or surfing the web or scrolling through social media and by the way none of these things
impact your finances in a positive way people with more money choose to spend their free time
in more productive ways that helps them improve the situation they're in and you could do this too
two you don't make enough money yes this point is obvious but what do you do once you acknowledge
this fact maybe you tried to cut down on some things and tried living on the bare minimum but
you still don't have enough left over so the only thing left to do is find a way to make more money
there's only so much you can save but there's no limit to how much you can make
if you work your butt off at work but still feel like you aren't making enough try asking for
a raise and if this doesn't work out it might be time to start looking for a job that will pay more
and where your efforts are recognized being broke is stressful and uncomfortable you aren't able
to reach your financial goals if you make the decision to branch out and do something you love
you could make something out of it the future is uncertain and we don't know whether things
will work out but you won't truly know unless you try you don't have to settle for anything
why be content when you can be more than satisfied no one likes being broke so if you
have the opportunity to make a bit more go for it three you're socializing costs a little too much
how frequently do you go out in a week hanging out with friends going on dates and meeting co-workers
eating out can be very expensive especially if you live in the big cities where everything seems to
be overpriced eating out is easy and the meals are usually delicious but more often than not quite
pricey meals usually take up most of people's monthly budgets so it'd be wise to cut back when
it comes to eating out but keep in mind you can still save money and eat well at the same time
also keep in mind that not all outings have to involve dinner and drinks
from time to time consider doing something else like going for a walk in the park or meeting at
a museum and so on you could even look up events around your area that are cheap or have free entry
also you don't have to go out every time other options could be having get togethers inviting
people over for pizza and drinks of course these things also cost money but it's highly likely
that it'll be cheaper than eating out just because something costs less doesn't mean it can't be fun
most times people choose the first thing that comes to mind because it's easy or convenient
but the easiest plan isn't always the best way to go you can find an option with a little bit of
effort that's pocket friendly but fun too you'll be surprised at how much you can save and aside
from this you can also experience health benefits by avoiding fast foods and eating healthier meals
at home all you need is a plan in place four you're a slave to the brand people prefer to
buy a particular brand for a number of reasons so what you're used to is what their friends buy
and it's what their parents used to get and so on there are brand names and then there are generics
the reason why brand names cost more is because you're paying for all the marketing
and advertising that went into it and probably the privilege of actually buying something with
a label on it most of the times brand names are almost identical to their generic counterparts
the only noticeable difference is the price tag in some cases brand names are superior to
their counterparts but not all the time so it doesn't always have to be your default choice
only buy the name brand if you think there's an appreciable difference unless you have a good
job with a high paying salary buying these items can put a huge dent in your finances
five you compete with everyone this next point is closely related to the previous one trying to
keep up with everyone else doesn't just make you lose focus but it can really mess up your finances
if you're one of those people who buy things to compete with others you definitely fit right
into the why on broke list when you're trying to impress other people who probably couldn't care
less about how you dress you overspend and could even end up being deep in debt to maintain it all
if building wealth is what you want there's a common saying that goes you're going to have
to live like no one else will now so that later on you can live like no one else can
if you fall into this category you need to adjust your focus towards your goals
don't worry about what other people think of you it's also important to focus on being grateful and
content on your journey to wealth remember that your competition isn't other people but yourself
six you don't plan your spending for you to successfully deal with any financial obligations
you need to have some kind of plan be it paying off debts investing saving money living life and
so on and for this you'll need to budget a budget not only helps you ensure you don't overspend
it also allows you to plan for what you can spend save or invest if money seems to slip
easily through your fingers and you're always left with close to nothing left at the end of
the month the best thing you could do is track your spending and stick close to your budget
even the wealthiest people have budgets they might not refer to it as a budget but they surely have
a plan for how they'll spend their money save and invest it's something doable simply control your
money and assign every dollar a job to do for you 7. you're disorganized the cold season is
setting in and you need to trade in your light blanket for the heavy duvet but when you begin
looking for it you just can't remember where you kept it last time so you decide to go to
the store and buy a new one in another scenario you receive a message notifying you of a late fee
for your electricity or phone bill you are devastated because you swear you paid for it
the thing is when you're disorganized life becomes a little bit more expensive that blanket you
were looking for is in the house somewhere and if only you'd kept it well you'd have saved yourself
money by not going to the store to get a new one whenever your mail comes in you stash them in a
drawer somewhere that you hardly look into and as a result end up forgetting to pay your bills what
you need to do is pull yourself together and clean your space once in a while you might be astonished
by the stuff you have you'll feel so much better when you rid yourself of the junk you don't need
anymore too if you'd like you could set up an automatic bill pay through the bank but if this
isn't for you you could at least set a reminder on your phone to remind you to pay your bills
if you guys are enjoying this video so far do me a huge favor and give this video a thumbs up
if you did thank you so much and now let's keep learning eight you're too cheap this may sound
surprising but some people will only resort to buying the cheapest item they find with
the intent of saving money but not long after it breaks and you have to go back for a new one
instead of being cheap be frugal a frugal person doesn't always choose the cheapest option
whenever they decide to spend money they choose the best option they can afford
a lot of people mistake frugalness for being cheap when the fact is these people are just
making conscious decisions for their personal goals being cheap is about taking account of every
dollar being frugal is about knowing how much you have and spending it according to what you truly
value as opposed to what you want when a person chooses to shop at a cheaper grocery store instead
of somewhere more expensive like whole foods doesn't necessarily mean that they're cheap all it
means is they would rather save money on groceries and use the money for something they value more
the person shopping at whole foods maybe is saving money on another aspect of their life
9. you're drawn to sales buying stuff on sale is great you get to save money and you get this
feeling of accomplishment people love sales because it makes them feel as though they're
saving money if you stop someone who's come from a sale and you ask them how much they've spent
they can't tell you but they can swear they've saved quite a lot the issue with this is that
you're spending money on things that you wouldn't normally buy but there are important questions you
should ask yourself before buying what are you buying exactly and is it something that you need
and will use or did you just see that it was buy one get one free and jumped at it
sales are all about your judgment if you see something you like and you think the price is
right walk away and think about it if in about an hour's time you're still thinking about it you can
go back and get it but if you've forgotten all about it don't it clearly isn't important enough
10. you buy as needed some people only buy things as the need arises i'm out of toilet
paper so i'm going to go out and buy a roll your favorite lotion just finished so you go out and
buy the small bottle in the long run doing this costs more money not to mention you have to make
several trips to the grocery store and with every trip there is an inclination to buy something you
don't necessarily need since you're at the store you pick up a packet of chips and a can of soda
on your way out the solution to this problem is buying in bulk maybe those who are poor
aren't able to do this they only have money to replace things when they run out entirely
but remember you aren't poor you're broke and this is partly because you're spending more buying
single items one at a time most of the time buying in bulk saves you a few extra bucks 11. you don't
have an emergency fund emergencies may come up at any time but how prepared are you for it your
car could break down and you need to do repairs there's a leak on the roof that needs to be fixed
but since you don't have the money for it the only option you have is to use your credit card
which only puts you into more debt if you want to build wealth you'll have to save not some other
time but now chances are if you can't save money it's unlikely that you'll save when you get paid
more money a lot of people think that you need to make more money in order to start saving which is
not the case at all when it comes to saving it's all about forming a habit and being consistent
your income doesn't have to be a huge sum for you to save whatever you can set aside is okay as
long as you're consistent those who have a great income make the mistake of thinking they have time
and can therefore save later on the thing is stuff happens and job security isn't always guaranteed
things don't always go as planned start by getting an emergency fund and then work towards saving for
other goals ideally an emergency fund should have three to six months of your basic living expenses
to cover any unplanned or unexpected circumstances to quote mike todd being broke is a temporary
situation being poor is the state of mind hopefully you'll realize what's holding you
back and work to free yourself from it you don't have to be broke forever thank you guys so much
for watching if you're new to the channel welcome and make sure you hit that subscribe button for
more content like this with that said have a good one and i'll see you all in the next one